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  • IPSASB September 2017 Meeting Highlights Podcast

    English

    Highlights from the IPSASB's September 19 - 22, 2017, meeting in Toronto, Canada.

     

    0:11   --   Introduction and welcome (John Stanford, Technical Director)

    0:50   --   Overview of meeting (Ian Carruthers, Chair)

    3:44   --   Strategy and Work Plan (Ross Smith, Deputy Director)

    5:01   --   Social Benefits (Paul Mason, Principal)

    8:06   --   Cash Basis IPSAS (Joanna Spencer, Manager, Standards Development and Technical Projects)

    9:21   --   Leases (João Fonseca, Manager, Standards Development and Technical Projects)

    11:12  --  Final thoughts (Ian Carruthers, Chair)

    12:26  --  Closing remarks (John Stanford, Technical Director)

    Meeting Highlights Listen & Subscribe in iTunes
  • Realizing the Power of PAOs Workshop

    English

    Accountancy education involves many different elements, from syllabus development to producing learning materials, from establishing tuition arrangements to delivering examinations and requiring practical experience. It can take years to build the foundation for a professional qualification, and while PAOs may not have the legal authority for every aspect of accountancy education, they play a key role in supporting educational programs and delivering qualifications.

    To support PAOs and this central role they play, more than 80 professional accountancy organization (PAO) representatives from 25 countries came together for a half-day, interactive workshop to discuss accountancy education successes and challenges. The workshop, organized by IFAC and the Pan African Federation of Accountants, and held alongside the 4th Africa Congress of Accountants in Kampala, Uganda.

    The workshop generated discussion on PAO efforts to design, develop and maintain their professional qualifications, as well as IFAC member organizations’ work to adopt and implement the International Education Standards (IES)—a requirement for all IFAC members as part of IFAC’s Statements of Membership Obligation—issued by the International Accounting Education Standards Board.

    Facilitated by IFAC PAO Development Committee members, workshop participants navigated:

    • pathways to entry and enrollment requirements;
    • branding and marketing qualifications;
    • syllabus content, learning materials, and tuition arrangements;
    • examination content, delivery, and marking and administration;
    • practical experience requirements and delivery arrangements; and
    • continuing professional development (CPD) to keep members’ knowledge current.

    The stories told and lessons learned provided useful insight and demonstrate PAOs’ ability to drive positive change and introduce international good practice regardless of their unique country circumstances. 

    Challenges and Solutions to Implementing International Education Requirements

    File
  • Accountability. Now. eNews: September 2017

    English
    New International Public Sector Financial Accountability Index to Stimulate Reform

    At the Chartered Institute of Public Finance and Accountancy (CIPFA)’s 2017 Conference in Manchester, UK, IFAC and CIPFA announced the launch of the International Public Sector Financial Accountability Index.

    Developed jointly by both organizations, with the Zurich University of Applied Sciences as knowledge partner, the Index aims to provide a better understanding of accounting and budgeting reform plans to help stimulate wider public financial management (PFM) reform efforts. It covers the following arrangements in each jurisdiction:

    • Current accounting basis and the reporting standards used in financial statements
    • Financial reporting standard-setting structure and processes
    • Current recognition basis for budgets
    • Budget and accounting reform plans
    To include your jurisdiction’s data, update or comment on data included about your jurisdiction, please contact us via Index@Accountability.Now.org.
    75% of OECD Countries Use Accrual Accounting for Year-End Financial Reports

    A report by IFAC and the International Organisation for Economic Co-operation and Development (OECD) explores accounting and budgeting practices at the national government level in OECD countries. It concludes that nearly three-quarters of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis.

    While there is low direct adoption by national governments of international accounting standards, such as the International Public Sector Accounting Standards (IPSAS) or International Financial Reporting Standards (IFRS), many standard setters use IPSAS or IFRS as primary or explicit references for developing their national standards.

    Caribbean Countries: On the Reform Path

    For years, Caribbean countries have been motivated to incorporate international accounting standards into their national regulations. Accrual Accounting Practices and Reform Expectations in the Caribbean, a survey organized by the Institute of Chartered Accountants of the Caribbean (ICAC), IFAC and the World Bank, charts the state of the region’s public financial management (PFM) reforms. It facilitates a better understanding of reform designs, implementation challenges, and associated benefits.

    After reported reforms are implemented, the regional balance will move toward accrual-based accuonting with nine of the surveyed countries expected to implement IPSAS and another six to use N-IPSAS.

    A Focus on PFM in West Africa

    Commissioned by IFAC and the World Bank, Professor Emeritus Alain Burlaud examines the status of public sector financial reporting in 18 Francophone African countries, highlighting the urgent need to improve public financial reporting quality and increase the number of professional accountants in the region.

    Featured Opinions
    <a href="http://www.ifac.org/global-knowledge-gateway/business-reporting/discussion/accountability-matters-importance-rights?utm_source=IFAC+Main+List&utm_campaign=b057622">Accountability Matters: A Rights-based Approach in Public Financial Management</a>

    Unless public sector leaders are held accountable, protests like the ones seen in Greece will be repeated. Marcel Holder Robinson, Finance Policy Manager (Governments), CIPFA, explains her perspective.

    <a href="https://www.youtube.com/watch?v=GVhjCPAi5-c&list=PLixGP7GJD5r0y8rBxHoOgFQQwKkYE3C-U&utm_source=IFAC+Main+List&utm_campaign=b057622347-AN_Partner_Briefing_8_8_2016&u">Transparency and Beyond: Harnessing the Power of Accrual for Public Finances</a>

    Curious about the use of balance sheets to manage fiscal risk, the increased use of government financial reports in capital markets, and taking a whole system approach to PFM reforms? Check out these conversations with IPSASB, World Bank, and IMF leaders following a March seminar that explored next steps for accrual accounting in the public sector.

    <a href="http://www.ifac.org/global-knowledge-gateway/public-financial-management/discussion/when-corruption-becomes-way-life-and?utm_source=IFAC+Main+List&utm_campaign=b057622347-AN_Part">When Corruption Becomes a Way of Life, and What to Do about It</a>

    Vickson Ncube, Chief Executive Officer, Pan African Federation of Accountants, urges citizens in African countries to hold accountable those charged with the responsibility of managing resources, whether in the public or private sector. He represented IFAC at the Africa High Level Public Procurement Forum, where he also argued that no country should allow itself to be a haven for corrupt proceeds from Africa.

    <a href="http://www.ifac.org/global-knowledge-gateway/governance/discussion/working-good-governance-public-sector-five-lessons?utm_source=IFAC+Main+List&utm_campaign=b057622347-AN_">Five Lessons and Two Wishes for Good Governance in the Public Sector </a>

    Auditors care about the governance arrangements of their auditees. Peter Welch, Audit Director, European Court of Auditors, provides his perspective on what good governance in the public sector means for the European Commission and what he wishes to see in the future.

    Major Events in 2017
    CReCER

    June 6-9 – Mexico City, Mexico
    IFAC actively supported the 10th Regional CReCER Conference on Accounting and Accountability for Regional Economic Growth: Fostering Trust for Regional Economic Growth. The conference reflected the need for trust in both government and the private sector to help manage public resources more effectively.

    Open Government Partnership Americas Regional Meeting

    November 21-22 – Buenos Aires, Argentina
    As part of Open Government Week, this meeting will bring over 2,000 representatives from governments and civil society, digital innovators, journalists, and researchers to further the open government agenda in the face of current global challenges. IFAC will present its new International Public Sector Financial Accountability Index to stimulate PFM reform and will engage with regional representatives to further update the Index with information from their respective countries.

    More Resources
    OECD Budget Transparency Toolkit

    Developed in partnership with members of the Global Initiative of Fiscal Transparency (GIFT) Network, including IFAC, the OECD’s Budget Transparency Toolkit offers a gateway to global budget and fiscal transparency institutions. It also highlights official instruments, standards, and guidance materials and demonstrates how these tools can be applied across various areas of the budgeting cycle.
    Read more from OECD Deputy Head Ronnie Downes.

    Building Blocks of PFM – A Cash to Accruals Toolkit

    As part of its Better Government Series, the Institute of Chartered Accountants in England and Wales (ICAEW) recently issued a practical "how-to" guide which sets out six practical building blocks to improve the quality of public financial reporting and public financial management.

    Delivering Excellent Public Finance

    CIPFA has developed this interactive portal to support a diverse range of information and tools dedicated to the shared aim of strengthening PFM worldwide.

    Keeping Business Clean: A CGMA Guide to Countering Fraud and Corruption

    In a very timely piece, the Association of International Certified Professional Accountants (AICPA) outlines the role of management accountants in establishing best practices for combatting fraud and corruption in their organization.

  • IAASB September 2017 Board Meeting Highlights Podcast

    English

    IAASB Chairman Arnold Schilder, Deputy Chair Megan Zietsman, Technical Director Matt Waldron, and members Fiona Campbell and Ron Salole discuss the September board meeting and highlight key discussions and decisions.

    • 0:00 to 1:30 Introduction
    • 1:35 to 4:00 Chairman’s Overview  
    • 4:07 to 10:15 ISA 315 (Revised)
    • 10:20 to 23:16 Quality Control 
    • 23:21 to 25:16 Agreed-Upon Procedures 
    • 25:18 to 33:21 Overview of Other Matters Discussed During the Week
    • 33:23 to 34:53 Closing Remarks and Next Meeting
    Meeting Highlights Listen & Subscribe in iTunes
    IAASB September 2017 Meeting Highlights